Insiders: Key members of the L1 project Syscoin Foundation plan to resign and form a new entity

ChainCatcher news, multiple insiders have revealed that due to mismanagement and lack of financial transparency, the early L1 project Syscoin is expected to undergo leadership changes in the coming days. Key members of the Syscoin Foundation plan to resign and form a new entity—Syscoin Red. The Syscoin Foundation is a non-profit organization aimed at further developing the project.

Insiders say that an internal dispute over fund allocation between the foundation and another for-profit entity, SYS Labs, has erupted, leading to a loss of morale within the foundation. Willy Ko, a board member and CFO of the foundation, stated that the new entity aims to restore transparency and trust within the Syscoin community and clearly define who controls the project funds.